PHILIPPINE BANKS MUST
WITHDRAW FROM COAL:
end fossil fuels
The Philippines has been rapidly increasing its exposure to coal and gas, and local banks are largely behind it.
These banks must stop investing in the climate crisis, and withdraw from fossil fuels!
BANKS ARE FUELING THE CLIMATE CRISIS?
The list below shows the banks that financed coal and gas projects and how much they have loaned and underwritten during 2009 to March 2023.
Bank of the Philippine Islands
China Banking Corp.
Development Bank of the Philippines
Asia United Bank
Bank of Commerce
IN THE PHILIPPINES
15 Philippine banks were found to have channeled 13.42 billion USD worth of financial services to coal developers and projects.
As of 2020, the Philippines ranks 7th among countries with the biggest coal pipelines.
FUNDING MOST COAL
Just 2 banks are responsible for nearly 50% of this: Banco De Oro and the Bank of the Philippine Islands.
Stakeholders are demanding that Philippine banks withdraw from coal, and invest in our future instead.
TO CLIMATE IMPACTS
The Philippines is among the most vulnerable countries in the world to impacts of climate change, but it also is highly dependent on coal for its power, despite the fossil fuel’s role in triggering global temperature rise.
KILLER AIR POLLUTION FROM COAL
27,000 people are prematurely killed in the Philippines each year due to exposure to pollution from the burning of coal and other fossil fuels for power generation.
HARASSMENT OF ENVIRONMENTAL DEFENDERS
Coal proponents have reportedly engaged in instances of harassment, violence, and development aggression against indigenous community members and environmental defenders.
The Philippines has an abundant renewable energy potential that is more than enough to cover its national demand for power, which in 2019 peaked at 15.581 GW.
IN THE NEWS
ABOUT WITHDRAW FROM COAL: END FOSSIL FUELS
Withdraw From Coal: End Fossil Fuels is coordinated by a coalition of Filipino civil society groups, environmental advocates, and faith-based organizations. We urge Philippines banks to stop funding fossil fuels to help solve the climate crisis.
Bishop Gerry Alminaza | Bishop Broderick Pabillo